CDS Crypto News Cryptocurrency Lender Nexo Initiates $3 Billion Arbitration Claim Against Bulgaria Over Alleged Wrongful Actions
Crypto News

Cryptocurrency Lender Nexo Initiates $3 Billion Arbitration Claim Against Bulgaria Over Alleged Wrongful Actions

238
Cryptocurrency Lender Nexo Initiates $3 Billion Arbitration Claim Against Bulgaria Over Alleged Wrongful Actions

Cryptocurrency Lender Nexo Initiates $3 Billion Arbitration Claim Against Bulgaria Over Alleged Wrongful Actions

Crypto News – Cryptocurrency lending platform Nexo has officially filed an arbitration claim against the Republic of Bulgaria, seeking a substantial $3 billion in damages. The company alleges that the country engaged in “wrongful and politically motivated actions” that included unfounded and oppressive criminal investigations, as stated in a press release issued on Wednesday.

In December, the Bulgarian Prosecutor’s Office concluded its investigation into Nexo regarding allegations of money laundering offenses. The investigation came to a close due to a lack of concrete evidence supporting any criminal activities on the part of Nexo.

The past year witnessed a notable crackdown on cryptocurrency-related activities, notably triggered by the sudden collapse of FTX and the downfall of other cryptocurrency firms during the latter half of 2022.

Nexo contends that these investigations have significantly tarnished its brand and reputation, resulting in missed business opportunities, including the potential for an initial public offering (IPO) in the United States.

This arbitration claim has been formally submitted to the International Centre for Settlement of Investment Disputes (ICSID), under the auspices of the World Bank, in Washington, D.C.

Cryptocurrency Lender Nexo Initiates $3 Billion Arbitration Claim Against Bulgaria Over Alleged Wrongful Actions

Leave a comment

Leave a Reply

Related Articles

Spot Bitcoin ETFs Surpass $100 Billion as BTC Hits New Highs

Bitcoin spot ETFs hit $100 billion as BTC hits new highs, while...

Bitcoin Price Surge Likely as Stablecoin Inflows Hit Historic Highs of $9.7 Billion

Record stablecoin inflows of $9.7 billion to crypto exchanges signal growing investor...

Bitcoin ETF Surges 20% as Traders Bet on Record-Breaking Gains

Bitcoin's rise to $100K sparks explosive trading in ETFs and options, with...

eCash (XEC) Price Prediction: A Comprehensive Look at Long-Term Prospects

The cryptocurrency network eCash (XEC), often referred to as “wealth reinvented,” aims...